Odaily Planet Daily News Taiwan's Financial Supervisory Commission (FSC) plans to propose a draft law on virtual asset service providers (VASPs) in June 2025, allowing banks to issue stablecoins for the first time.
FSC Chairman Peng Jinlong said that stablecoins will serve as a bridge between legal tender and cryptocurrency, providing investors with a trading portal. Banking Bureau Director Zhuang Xiuyuan admitted that the stablecoins such as USDC and USDT currently circulating in the market are not approved by the competent authorities but are claimed by the industry to be backed by US dollar assets. After the amendment of the law in the future, all stablecoins issued in Taiwan must be approved by the FSC, including issuer qualifications, reserve allocation, etc.
As for whether stablecoins will step out of the "virtual" and enter the "real" economy, Zhuang Xiuyuan said that this involves issues such as monetary policy and financial stability that need to be discussed with the "central bank". Peng Jinlong said that stablecoins will be jointly managed with the regional "central bank". (Economic Daily)
Previous news: Peng Jinlong, chairman of the financial regulatory department of Taiwan, said on January 9 that he took a cautious and friendly attitude towards the virtual asset market. The draft of the virtual asset law has been completed and will soon enter the public hearing process. The draft virtual asset law will be submitted to the administrative management agency of Taiwan before June 30 this year.